Monrovia, Liberia- The Liberian Senate has concurred with the House of Representatives on the Road Concession agreement between the Government of Liberia and Parvifort AL Association, Inc. and Parvifort (S.L), Ltd. affecting road corridors in the Western and Northern regions of Liberia, in line with the Public Private Partnership (PPP).
Plenaryβs decision follows a report from its Joint Committee on Public Works, Concession & Investment, Ways, Means, Finance & Budget, Public Accounts & Audits, Transport, and Judiciary, Human Rights, Claims & Petitions praying the indulgence of the body to approve the road concession agreement (255km), of a total project cost at Three Hundred and Sixty-Three Million, Nine Hundred and Eight Thousand, Seven Hundred, Sixty-Eight Dollars (USD 363, 908, 768. 45), for the benefit of citizens and commuters of the Western and North regions.
According to the road concession agreement which is valid for twenty-five (25) years, the following road corridors are to be constructed in a period of five (5) years, totaling a length of Three Hundred and Thirteen Kilometers:
- St. Paul bridge to Klay (38km); Four lanes
- Klay to Bo Waterside (79km); four lanes
- Klay to Tubmanburg (22km); Two lanes
- Madina to Robertsport (30km) Two lanes
- Voinjama to Mendikorma (86km) two lanes.
Accordingly, the concessionaire will upgrade, construct and maintain the roads as applicable and operate the toll system under the agreement, after which the road corridors will be turned over to the Government of Liberia in line with the ββBuild, Operate and Transferββ (BOT) arrangement.
At the same time, it is established that under this Public-Private-Partnership (PPP), the Government of Liberia will contribute forty (40%) percent of the cost, totaling approximately USD145, 563,507.38M, with approximately $46m of said amount, that will come from the Road Fund, while the other USD100m will be paid by the Government through the National Budget during the last three (3) years of the construction period.
The concessionaire will pay the balance 60% of the cost through shareholders contribution and through borrowing.
Following the ratification by the Legislature, the Ministry of Public Works and the concessionaire will sign a detailed work execution agreement with the following timetable for the completion of the project:
- St. Paul Bridge to Klay; completed by 2028
- Klay to Bo Waterside; completed by 2030
- Klay to tubmanburg; completed by 2030
- Madina to Robertsport; completed by 2029
- Voijama to Medikorma; completed by 2028
